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国金证券公司点评2019202020212022E2023E2024E2019202020212022E2023E2024E7.3745277522,0353,8954,7455,90335.6%52.636.5%34.3%29.2%应收款项336341488656847-626965-1,268-1,705-2,24319925446352170192224.0523.5%其他流动资产2349842859毛利2,0103.0574.2247,286流动资产9351,3915,2255.74676.3%76.9%76.9%76.5%86.8%89.9%-35-46-52-74-9500001.8%1.3109310413512607-843-1,107-1,681-2,328-3,082-3,9355.%6.46.42.0%41.842.441.8%41.3%6149192235管理费用-137-169-245-357-472非流动资产2115876788159476.4%13.713.210.1s10.6线10.5%54-63-113-209-265-3436.4249.500售收入2.82.42.8%3.61500004906259661,2701,775应付款项12319754939252468525.2%23.7%24.0%23.124.124.3%1581943023254355611057861082963919007169591,2460.0%-1.0%-1.1长期款000-14-15-1700913410086780011003234001,0348161,0461,324068117561,1994,755,5856.7068,1520.0%1.23604244244244245026501,0161,3941,8842,4313307261,3302,1603,2814,72725.8%25.3%25.4%25.52323232302006.4245021,3941,8842.43125.8%24.625.3%25.4%25.625.5%89-104-154-209-283-3652019202020212022E2023E2024E4135448641,1851,6022,0661.1441.5102.0372.7983.7814.8781002.1013.33111.22613.18415.83119.2464125441,162,061.4301.1972.7215.6193.5434.61721.2%21.5%21.7%0.0000.4500.6000.8391.13454.47%45.33%18.15%21.22%23.89%25.35%2019202020212022E2023E2024E33.93%14.85%18.45%20.60%21.75%4135448641,1851,6022.06651.94%43.66%16.97%19.2422.42%24.04%0000非现金支出343991394356.69%3552.57%34.27%2923%-26-20-958.78%27.57%54.46531.47%39.84%30.24%71-1482241,210-120-14531.94%58.77%37.34%35.15%29.00%5154312,301.50141.87%47.80%10.52%21.03%22.18%资本开支1-89-270-1411750033020320.71972000020.019682311217.7131.9135.6150.0150.0150.06-73-152-16473.059.878.160.060.060.002925009.510.210.082151506600其他-193-106-360-484622-67.31-62.57%-82.12%-81.76-178-121427-484-622-338.2-711.3-22.4-20.6-21.527622424.97%17.79%12.70%13.45%2